Puerto Rico is deeply in debt?

Interesting and also oddly disturbing that Puerto Rico, technically part of the U.S. is so deeply in debt and struggling so badly. While much of the U.S. is surging and some areas experiencing bubbles (hi Silicon Valley) this territory is $72b in debt and apparently forbidden by law from declaring bankruptcy. The difference there is huge; Iceland essentially declared bankruptcy and is doing great, Ireland did not and will struggle with huge debt for years to come.

Learned something new today. In fact contrary to my ignorant thought that tourism was the primary industry it turns out manufacturing, textiles, and petrochemicals are the main industries.

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